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Draw Review Checklist for Lenders
Draw Review Checklist for Lenders

This article outlines the various options and actions that lenders will encounter when using Rabbet

Tom Martin avatar
Written by Tom Martin
Updated over a week ago

The steps outlined below are intended to address the many ways that lenders may use Rabbet. Several steps link to other articles that also apply to developers using Rabbet. Be sure to refer back to this article to get the most applicable guidance for lenders.

Step 1: Is your organization a registered Rabbet user? 

If YES, go to step 2.

If NO, why not? We would love to have you! Contact us at help@rabbet.com

If it is still NO, see this article for instructions on downloading a Rabbet draw package that you receive from your borrower.
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Step 2: Is your borrower a Rabbet user?

  • If YES, your job is going to be easy. Learn how to import the draw into your organization's Rabbet account and then proceed to step 3.

  • If NO, are you uploading the draw package documents yourself? Please review this article for instructions on uploading and confirming the draw package documents.

Step 3: Were the draw documents sent in Rabbet?

  • NO, the draw documents were not submitted to you through Rabbet. You received the documents in an email and uploaded them in Step 2. Review this article on assigning documents to budget line items.

  • If the borrower is a Rabbet user, then the answer should be YES. Follow these steps to review the documents that are included with the imported draw:

  1. After selecting the project and landing on the 'Overview' tab, open the recently imported draw.

2. Navigate to the 'Documents' tab within the draw to verify the status of each document. Since your borrower will be prompted to fix any issues before submitting the draw, the 'Status' will ideally not identify any unresolved issues that need your attention (an orange broken link symbol).   

*If any document issues have been identified, please review this article on assigning documents to line items

*Are there additional documents that you need to upload for internal tracking purposes (such as an inspection report)? Please review this article for instructions on uploading documents.
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Step 4: Do you see error flags on the line items tab? 

Navigate to the 'Line Items' tab within the draw to review the line items for any errors (exclamation point inside a red circle) that Rabbet has identified. 

  • If NO, go to step 5.

  • If YES, click on the line item to open the slide out. In the example below, there is an error with retainage that must be resolved before the draw can be approved. 

Step 5: You're almost done! It's time for the review.

Once all of the errors have been resolved for each line item, the draw is ready for rules review, approvals, and the signatory. Navigate to the 'Reviews' tab and follow these steps to review the draw rules.

Step 6: Mark Funded

Utilize the 'Mark Funded' feature as documentation for your actions. Once funds requested in the draw package have been released to the borrower, you can utilize the 'Mark Funded' button to make note of when that occurred. 

In the modal:

Do you have questions or feedback? Please email us at help@rabbet.com

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